How to send money to friends through Facebook

If you and the person you owe money are both on Facebook, there's a great new tool from PayPal called Send Money that lets you transfer funds instantly.

If you forget birthdays until Facebook reminds you, or you constantly fear that your friends pay for lunch more often than you, then PayPal's new Facebook app is for you. Send Money is aptly named, and while you can choose to bundle your e-payment with a silly customized greeting card, there's no need for it. Here's how to settle your accounts:

  1. Log on to Facebook and visit theSend Money page.

  2. Click "Send a card with money" if you want to make a card. Click "or just send money" if you want to get down to business right away.
  3. Step 2: Send a card or just send money.
    Step 2: Send a card or just send money.
  4. Give PayPal permission to see your friends list and make posts in your name.

  5. Type in your friend's name, then e-mail address (needed for fraud protection and account confirmation).

  6. Write a message to your friend; if you haven't told him what you're doing, an explanation would probably be most welcome. You can attach photos or YouTube clips, if you'd like.
  7. Step 5: Create message.
    Step 5: Create message.
  8. Add money. If you use your bank info or PayPal account, there's no fee. If you use a credit card, there is a fee that currently stands at 2.9 percent plus 30 cents in the U.S.

  9. You'll need to sign in to your PayPal account to confirm and choose a payment method. You can also tell Send Money to skip this step in the future when using the same computer, but you may want to keep another layer of security active.

  10. Your friend will see a notification in Facebook and in his e-mail. Once he logs in to PayPal, he should soon see a bump in his account balance.

That's all there is to it. From now on, forgetting your wallet is no excuse.

(Via Mashable)